Loading...
HomeMy WebLinkAboutRDA AG PKT 2011-02-28 #2 AGENDA STAFF REPORT DATE: February 28, 2011 TO: Chair and RDA Board Members THRU: Patrick P. Importuna, Executive Director FROM: Robbeyn Bird, Director of Administrative Services/Treasurer SUBJECT: SUPPLEMENTAL EDUCATIONAL REVENUE AUGMENTATION FUNDS (SERAF) SUMMARY OF REQUEST: Approve letter of intent to fund SERAF payment, authorize Director of Administrative Services to sign letter, and approve Resolution No. 11 -02 (Budget Amendment No. RDA 11- 08 -01). BACKGROUND: Chapter 21, Statutes of 2009, issued by the State Department of Finance requires redevelopment agencies to shift $350 million in property tax revenues to K -12 schools during the 2010 -11 fiscal year via the SERAF that the Chapter created in each county. In addition, each redevelopment agency must allocate the specified amount to the county auditor - controller for deposit into the SERAF on or before May 10, 2011 and by March 1, 2011 the legislative body shall either report to the county auditor - controller how the redevelopment agency intends to fund its SERAF obligation, or report that the legislative body intends to fund the SERAF obligation on behalf of the redevelopment agency pursuant to Section 33692 of the Health and Safety Code. FINANCIAL IMPACT: The Redevelopment Agencies SERAF contribution is $253,512. The amount is not budgeted in the current budget; therefore, Budget Amendment No. RDA 11- 08-01 in the amount of $253,500 is requested to be paid from account number 067 - 081 - 44500. Agenda Item 2 Page 2 ANALYSIS: The 2010/11 SERAF payment required is $253,512 and can be paid from any legally available funds of the Redevelopment Agency. Also, there are adequate funds in the Redevelopment Agency to make the SERAF payment to the County. RECOMMENDATION: Staff recommends that the City Council authorize the Director of Administrative Services to issue and sign the letter of intent to fund the SERAF payment to the County of Orange and approve Resolution No. 11 -02 (Budget Amendment No. RDA 11- 08-01) in the amount of $253, 500. SUBMITTED BY: NOTED AND APPROVED: 41 011C A APO' Robbeyn ird, CPA Patrick P. Importuna. Director of Administrative Services Executive Director Attachments: A. Letter of Intent to Orange County Auditor - Controller B. Resolution No. 11 -02 February 26, 2011 County of Orange Auditor Controller Property Tax Section PO Box 567 Santa Ana, CA 92702 Attention: Frank Davies Dear Frank: As you know, Chapter 21, Statutes of 2009, requires redevelopment agencies to shift $350 million in property tax revenues to K -12 schools during the 2010 -11 fiscal year via the Supplemental Educational Revenue Augmentation Funds (SERAF) that the Chapter created in each county. Pursuant to Chapter 21, Statutes of 2009, we are informing you how the Seal Beach Redevelopment Agency ( "Agency ") intends to remit the required contribution to the Supplemental Education Revenue Augmentation Fund (ERAF) for fiscal year 2010 -11 The Seal Beach Redevelopment Agency intends to remit by check on or before May 10, 2011 the required fiscal year 2010 -11 SERAF payment in the amount of $253,512 from any legally available funds of the Agency. Please feel free to call me at (562) 431 -2527 extension 1311 with any questions you may have. Sincerely, Robbeyn Bird, CPA Director of Administrative Services -1- RESOLUTION NUMBER 1 1 -02 A RESOLUTION OF THE SEAL BEACH REDEVELOPMENT AGENCY APPROVING PAYMENT FOR THE SUPPLEMENTAL EDUCATIONAL REVENUE AUGMENTATION FUND PAYMENT WHEREAS, the State Legislature requires redevelopment agencies to shift $350 million in property tax revenues; and WHEREAS, the legislative body is required to issue a letter of intent to the County by March 1, 2011 stating how the Agency intends to make payment; and WHEREAS, each redevelopment agency must allocate the specified amount to the county auditor - controller on or before May 10, 2011. THE SEAL BEACH CITY COUNCIL DOES HEREBY RESOLVE: Section 1.The Seal Beach Redevelopment Agency authorizes the Director of Administrative Services to issue a letter of intent to the County auditor - controller stating how the redevelopment agency intends to fund its SERAF obligation. Section 2. The Agency hereby approves the budget amendment in the amount of $253,500 for this payment. PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of Seal Beach this 28th day of February , 2011 by the following vote: AYES: Agency Members NOES: Agency Members ABSENT: Agency Members ABSTAIN: Agency Members Chair ATTEST: Secretary/City Clerk STATE OF CALIFORNIA } COUNTY OF ORANGE } SS CITY OF SEAL BEACH } I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify that the foregoing Resolution is the original copy of Resolution Number 11 -02 on file in the office of the City Clerk, passed, approved, and adopted by the Redevelopment Agency of the City of Seal Beach at a meeting held thereof on the 28th day of February , 2011 Secretary/City Clerk